Geely, the Chinese automaker, once more denied reports that it has any plan of acquiring Saab or Volvo. Geely made a definite statement at the Hong Kong stock exchange saying that they have not submitted nor has it plans to submit any bid or proposition with regards to the takeover of either Saab or Volvo, in contrast to what the press articles are claiming. The statement was forced out of Geely due to a rise of more than 13 percent on the back of speculation it was about to offer a takeover bid for either of the companies. Some analysts are saying though that this is just the Chinese carmaker's strategy to force the price tag of the companies down. The evidence the analysts are banking on is the fact that three times in recent months Geely's top management officials have conferred with Volvo top execs.
Geely denies interest in Saab and Volvo
by Andrew Christian, Email, 26 Aug, 2010
